SECURE-plan

Are you ready to start building more financial security? Start here with the SECURE Plan.

Save something for your future needs. You can't grow a garden without first planting
some seeds. Sow the seeds to your future harvest by saving at least 10% of your income. If
you can't save 10% of income now, do what you can, then look at ways to increase it.

Earn enough to meet your needs. Seems obvious, but many women struggle with
low-paying jobs, or fail to ask for raises or promotions. If you're not satisfied with your
earnings, look at ways to improve your skills and training to earn more. Also consider
whether your current job is a good fit for your talents and abilities.

Create a comfort-cash fund to cushion yourself from life's unexpected challenges. No one
is immune from things like job losses, health problems, or a car needing expensive repairs.
You'll feel more financially secure if you know you have emergency funds to help out.

Understand the power of compounding. If you give your investments at least 20 years to
grow, the earnings alone will likely be many times more than the amount you put in (no
guarantees, of course). Compounding is like money going viral. You'll get motivated when
you see how it works.

Reduce debt. Carrying a lot of debt is like trying to drive with the brakes on all the time. It's
hard to make forward progress if you're paying interest on high balances.

Reducing risk means using appropriate insurance to help cover things you can't afford to
lose. Obvious examples are a home or a car. But also look at disability insurance if you rely
heavily on your current income, and life insurance if others depend upon you. Insurance is
where you pay to have someone else protect you from large losses which could undermine
your financial security.

Educate yourself about investing and personal finance. We like to say, "Take 4 for your
future." Set aside 4 times a month to browse and read about these topics. Even if you just
spend 15 minutes at a time (like you're doing now), you'll grow in knowledge and confidence.
When you understand the basics of investing, you'll be able to choose investments that meet
your goals.

Each of these personal finance topics are covered in more detail on The Silver Purse
website. Kudos to you for taking some first steps!